NZD/USD at 6 Year Low; Downtrend Lines Just Below
Chart Prepared by Jamie Saettele, CMT
-“A wedge may be underway from the February low though. The bearish pattern would complete on a break below the support line from that pattern.” The wedge target is .6607.
-“NZDUSD has rebounded from near 5 year lows. Recent congestion is now possible resistance from .7211 to .7270. A push above .7270 would pique interest in a more important bottoming scenario.” NZDUSD failed within the cited zone (high was .7230) so the wedge objective remains in focus (at .6607). Strength above .6923 is needed in order to suggest that the downtrend from late April is complete.” The wedge objective has been reached as has the 2010 low at .6560. The next levels to be aware of are .64 (61.8% retracement of the 2009-2011 rally and 50% retracement of the 2000-2011 rally) and .60 (long term double top target).
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